Key Points:
- The former Coinbase CTO has staked $2 million on Bitcoin reaching $1 million in the next 90 days.
- Balaji Srinivasan believes the oncoming crisis will cause the US currency to depreciate, and that people, corporations, and major funds would acquire Bitcoin to hedge against hyperinflation in the next weeks, driving up the price of BTC to $1 million USD.
Former Coinbase CTO Balaji Srinivasan wagered $2 million that Bitcoin will reach $1 million in 90 days.
Balaji Srinivasan’s wager comes with investor James Medlock, after James Medlock offered a $1 million bet predicting the US won’t plunge into hyperinflation despite the near-collapse The following is a list of banks in the United States.
Balaji Srinivasan clarified his stance and reasoning for betting with James Medlock in a tweet on his personal Twitter on March 17: According to Balaji Srinivasan, the current condition of US banks is identical to the 2008 crisis, except this time central banks and regulators have fooled all holders and sent USD.
The former Coinbase CTO believes the oncoming crisis will cause the US currency to depreciate, and that people, corporations, and major funds would acquire Bitcoin to hedge against hyperinflation in the next weeks, driving up the price of BTC to $1 million USD.
If Bitcoin does not reach $1 million in the next 90 days, according to the provisions of the staking agreement between Balaji Srinivasan and James Medlock, Medlock will earn 1 million USDC and 1 BTC. In the event that Bitcoin reaches $1 million in the following 90 days, Balaji will have an additional 1 BTC and 1 million USDC.
Despite market uncertainties, Bitcoin remains at $27,000. Robert Kiyosaki, the famed author of Rich Dad Poor Dad, previously made wild forecasts about the dollar’s demise and the impending collapse of the US economy as a result of surging inflation and interest rates, which might lead to a worldwide recession.
Unlike Balaji Srinivasan, however, Robert Kiyosaki just predicted Bitcoin’s future development without making any particular forecasts. At the time of writing, the Bitcoin price is $26960, up roughly 30% in the last seven days.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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